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Its roughly a function of driving frequency. If you're emulating a classic video game system you are in the low MHz and your power consumption is low.

More capable FPGA's like what I work with run in the hundreds of MHz and that's when you can draw 100W on a single chip

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You are entirely correct, but I would like to point out that there are Cyclone V cores running logic ~140MHz, not just RAM clocks, and the power consumption is nowhere near that.

Getting a large design that passes timing at that frequency with the Cyclone V fabric is unlikely, however.

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The distinction here, being that more capable FPGAs can get up to the 600MHz+ range, and actually run a full design at that speed.

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